6 Banks, Including Wells Fargo and Bank of America, Closing Branches This Fall
Several banking companies are continuing to make cuts to their retail spaces.
Long gone are the days when we had to go to the bank to deposit checks and take out money. Now, most of us opt for digital banking services—and major companies are certainly feeling the hit to their brick-and-mortar spaces. As a result, many are paring down their physical footprint, including Wells Fargo, Bank of America, and Chase. Read on for a full list of the six major banks closing branches this fall.
Wells Fargo has cut hundreds of branches over the past few years. In 2021, CNBC reported that the company had closed the most locations out of any other bank, with a total of 267 shuttered that year. And those closures have continued well into 2023.
Wells Fargo just closed two branches on Sept. 13: one in Redondo Beach, California, and the other in Richmond, Virginia.
But the bank is planning to close even more branches this fall. Wells Fargo will be down two more branches in the Richmond area in the coming weeks, with one slated to close on Oct. 18, and the other on Nov. 1, Richmond BizSense reported. The company is also shutting down a location in Charlottesville on Nov. 1, according to The U.S. Sun.
Outside of Virginia, Wells Fargo is also closing two branches in the New Mexico cities of Bosque Farms and Santa Teresa on Oct. 4, the Albuquerque Business Journal reported. A location in Allentown, Pennsylvania, will close for good on Nov. 1 as well, WFMZ-TV reported.
"Branches continue to play an important role in the way we serve our customers in combination with our digital channels and ATMs," Amy Amirault, Wells Fargo's assistant vice president of consumer communications, said in a statement to Best Life. "As customer preferences and transaction patterns change, so will our branches. For example, we may open new branches where we combine two older existing branches into one better situated location. All of this does not take away the importance of our customers and the communities we serve."
Bank of America
Bank of America has also been working through a series of branch closures in one state: California. According to Newsbreak, the federal Office of the Comptroller of the Currency (OCC) indicated that the company is set to close at least 12 different locations in California through the end of October.
The closures will affect the following cities: Costa Mesa, San Marcos, Los Angeles, Anaheim, Morgan Hill, Santa Clara, San Jose, Moraga, and San Francisco.
City National Bank
City National Bank is also planning a closure in California. The company is set to permanently shutter a branch in downtown San Francisco, the San Francisco Business Times reported. This location will close for good on Oct. 13, according to the news outlet.
RELATED: PNC Bank Is Closing 30 More Branches.
Chase Bank is making at least one cut this fall as well. The company is set to shutter a branch in Denver, Colorado, on Nov. 7, the Business Den reported. This comes after Chase has already closed three other branches this year in New York and New Jersey, according to The U.S. Sun.
"We continue to invest in our branch network to deliver experiences and services our customers love," Chase said in a statement to Best Life. "We're the only major bank with significant investments in new branches, adding more than 650 over the last five years, and are the first and only bank to have branches in all lower 48 states. Enhancing our branch network sometimes includes consolidating or closing branches, such as the branch in University Hills, Denver. We have two branches that are a little over a mile away from this location, allowing us to serve more customers in the area."
First Citizens Bank
As with Chase, First Citizens Bank is set to close at least one of its branches this fall. The company is shutting down retail operations at a North Carolina location in the Charlotte area, the Charlotte Business Journal reported.
First Citizens Bank's location on Catawba Ave. in Cornelius will close as a retail bank to customers on Oct. 5, but remain open as an office location, according to the news outlet.
Santander Bank has been significantly paring down its physical presence over the past year. The company closed 19 branches throughout Massachusetts in July and August, according to Boston 25 News. Santander had announced plans to close at least 13 branches across New Jersey and Philadelphia at the beginning of the year, per NJ.com.
But its latest closure happened just this week: Santander Bank closed a location in Susquehanna Township, Pennsylvania, on Sept. 14, PennLive reported.
"Like many industries, our customers' preferences have changed, with more customers choosing to bank with us online," Santander said in a statement to Best Life. "Therefore, we are reimagining the customer and employee experience by simplifying our processes, refining our branch footprint, and increasing our investment in digital capabilities to align with the evolving needs of our customers."